Cobalt International Energy Files Chapter 11 Bankruptcy in Texas

On December 14, 2017, Cobalt International Energy, Inc. (the “Debtor”) and certain of its affiliates[1] (collectively, the “Debtors”) filed chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of Texas. According to the Declaration of David D. Powell, the Debtor’s Chief Financial Officer, the Debtors are independent exploration and production companies operating in the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon in West Africa regions.  The Debtors cite a failed prepetition sale of its Angola assets and the low commodity prices and general market uncertainty as catalysts for filing bankruptcy. According to the Debtor’s bankruptcy petition, it anticipates that funds will be available for distribution to unsecured creditors.  The Debtor lists the number of creditors as between 100-200.  Per the Declaration of David. D. Powell, the Debtors have approximately $2.8 billion in total…

Read more detail on Recent Bankruptcy posts –

This entry was posted in Bankruptcy Law and tagged , , , , , , . Bookmark the permalink.

Leave a Reply